Thursday, November 10, 2016

Worried about what to do with old Rs 500 and Rs 1,000 notes in your wallet?

While you may still be scratching your head over it, a parallel economy is taking shape since Tuesday night to turn the black money into legally accepted white money, albeit hoodwinking the system.

For example, an Andheri-based aviation company—which sells and operates chartered planes to the rich and high fliers—on Wednesday began sending out messages to prospective buyers. “Buy an aircraft...just like you buy a car. Starting at Rs 3.5 crore,” said the message adding, “Rs 500 and Rs 1,000 notes accepted”. The aviation company, which recently launched a regional service in north India, also offers maintenance, parking, pilot and engineering services to the buyer at a monthly fee.

The company’s promoter refused to speak on record for obvious reasons. However, when asked if such large amounts of cash would be accepted, considering the fact that these planes come with an exorbitant price tag, making it difficult for buyers to escape Income Tax scrutiny, he said, “There are always ways to do it, you leave it to us.”

Even some Charter Accountants (CAs) are coming out openly to exploit the situation and ‘serve’ their clients. One such person, who claims to be a senior CA with over 30 years’ experience, has advertised his services against the ethical practices which the profession stands for.
10/11/16 Shahkar Abidi/DNA